As 2017 comes to a close, it’s a great time to reflect on your finance team’s accomplishments for the year. Looking back on the highs and lows of the past 12 months is the best way to ensure that you start the next year with a clear sense of where to improve your department’s performance.
What I’m Trying to Tell You Is … Communication is Key
One of the most common frustrations in Accounts Payable is the communication breakdown that occurs around invoice approvals (if you’re a Controller ask your Accounts Payable team, they know what I mean).
Various Accounts Payable solutions tackle the invoice approval process difficulties by enforcing different workflows. However, none of them really hit the nail on the head when it comes to creating a flexible, unified invoice approvals experience that allows Accounts Payable to communicate easily with other departments and really reduce the time they spend chasing approvals. Less time spent on approvals means the team can perform more efficiently, and provide management with a clearer view of cash flow.
Make 2018 the year you become the Hero of Accounts Payable!
Approach your Accounts Payable planning next year with a fresh perspective – with the goal of enabling the spirit of collaboration. After all, running harder after invoice approvers won’t make them come to you, nor will it make invoice processing more efficient. Find a solution for Accounts Payable that improves collaboration between everyone (AP, management, approvers, and vendors), and increases visibility and accountability at every step in the process.
Invoice approval management can be a win-win situation for Accounts Payable, finance management, and approvers. When you put solid, transparent communication at the core of your Accounts Payable process, great things will happen. Ready to earn your super hero status?
Startup accelerator Techstars finally had it with their old Accounts Payable solution. They switched to Stampli, and haven’t looked back. In fact, their Senior Accountant recently said, “Switching to Stampli was the best decision we made all year!” Read more.